Word: stocked
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...taking a risk here," says Gettelfinger. "We're going into this with an equity value of zero," he added, referring to the virtually worthless stock that both VEBAs are getting in lieu of cash that was owed them by the automakers. Then, pointing to his next battle, he said, "We've got to keep pushing for national health care...
...middle of 2008, and now has only $9.4 billion in assets, which is beyond the reach of creditors but would barely last three years in the face of escalating health-care costs. Gettelfinger describes the rest of the GM and Chrysler VEBA assets as "paper money," referring to the stock, warrants and notes from two virtually bankrupt companies. Not a lot of optimism there...
...noted facet of the new labor contract with Fiat, the VEBA can sell its shares to the Italian automaker via a private sale in the not-too-distant future. The price hasn't been negotiated yet, but the planning is already under way. "We'll have to sell the stock to fund the VEBA," says Gettelfinger, who notes that the trust is effectively free to sell shares as soon as they are registered...
...pictures of the stock market crash...
...renaissance of its own. A looming round of deregulation is set to spark an industry restructuring, pitting existing state-owned railroads against smaller private upstarts. At the same time, countries including Spain, Italy and France are spending billions of dollars on new high-speed railroads and rolling stock to compete with airlines. All this means one thing for travelers in Europe contemplating a switch from increasingly stressful and time-consuming air travel to more civilized rail: all aboard. (See pictures of Paris...